Markets

Group partners with SEC, NSE to improve capital market

The Issuers and Investors Alternative Dispute Resolution Initiative (IIADRI) says it is partnering with the Securities and Exchange Commission, the Nigerian Stock Exchange and capital market registrars for overall growth of the capital market.

The group President Moses Igbrude said in Lagos that the association would strongly collaborate with capital market regulators and Association of Registrars through various initiatives for the development of the capital market in Nigeria.

Government offers 2, 3 years savings bond for April –Debt Office

The Federal Government has offered for subscription two-year savings bond at 11.27 per cent and three-year savings bond at 12.27 per cent per annum, the Debt Management Office (DMO) has said.

According to the offer circular posted on the DMO’s website on Monday, the two-year bond will be due in April 2021, while the three-year bond will be due in April 2022.

It however did not state how much was offered, but added that the maximum subscription was N50 million at N1,000 per unit, subject to minimum subscription of N5,000 and in multiples of N1,000.

Stock market maintains negative outlook

The crucial market indicators of the Nigerian Stock Exchange (NSE) on Tuesday extended negative outlook, dropping further by 0.99 per cent.

Specifically, the All-Share Index, which opened at 30,527.50, shed 300.73 points or 0.99 per cent to close at 30,226.77, amid price losses.

Similarly, the market capitalisation dipped N112 billion to close at N11.353 trillion against N11.465 trillion recorded the preceding day.

An analysis of the price movement table shows that Nestle recorded the highest loss, dropping by N50 to close at N1, 400 per share.

Federal Government allots ₦29.35b in March bonds auction

The Federal Government Of Nigeria has allotted N29.35 billion worth of bonds to 12 successful bidders in its March auction, the Debt Management Office (DMO) says.

According to the auction results obtained from its website, the DMO said that three bonds in tenures of five, seven and 10 years were offered at the auction.

The Federal Government had initially offered N100 billion to investors.

Local Bourse Posts Marginal Loss

Despite bargain hunting activities on Tuesday in DANGCEM (+0.8%) and ZENITH (+0.9%), sell pressures in NIGERIAN BREWERIES (-3.6%), ETI (-3.3%) and UBN (-2.1%) dragged the All Share Index (ASI) 1bp lower to 31,038.86 points while YTD return stood at -1.2%. However, investors gained N95.0bn in value as market capitalisation rose to N11.7tn. Activity level weakened as volume and value traded fell 14.8% and 55.2% to 143.6m units and N1.7bn respectively.

Decline in Treasury Bill Rates to Persist

The steady decline in interest rates on treasury bills (TBs) offer in the primary market since last month is expected to continue this week when the Central Bank of Nigeria (CBN) roll over N48.6 billion worth of maturing bills.

Last week the apex bank sold N89 billion worth of TBs in the primary market at lower stop rates. Stop rate for the 91-Days bills dropped by 15 basis points (bpts) to 10.75 percent from 10.9 percent in the previous auction held on February 27.

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